FANCY DIAMONDS INDIA PVT LTD.,MUMBAI vs. N F ASS C / DCIT-5(1)(1) (CURRENT JURIDICTION), MUMBAI

PDF · subscribers
ITA 728/MUM/2023Status: DisposedITAT Mumbai25 May 2023AY 2017-189 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee had provided reasonable cause for the delay in filing the information, citing technical difficulties and the initial year of electronic filing. The information was ultimately filed before the completion of the assessment.

What were the facts?

The assessee company failed to provide party-wise details of trade payables within the stipulated time in response to notices issued under section 142(1) of the Income Tax Act, 1961. This led to the Assessing Officer making an addition and subsequently levying a penalty under section 272A(1)(d) for non-compliance.

What were the issues?

Whether the penalty levied under section 272A(1)(d) for delayed compliance with a notice under section 142(1) is sustainable when a reasonable cause is shown and information is filed before assessment completion.

Which sections of the Income-tax Act were involved?

Section 142(1),Section 272A(1)(d),Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “F” BENCH MUMBAI.

Hearing: 23/05/2023Pronounced: 25/05/2023

आदेश की �ितिलिप अ�ेिषत/Copy of the Order forwarded to : अपीलाथ� / The Appellant 1. ��थ� / The Respondent. 2.

More judgments on Section 142(1)

All 17,244 judgments and leading authorities on Section 142(1) →

Recent GST High Court judgments

Search GST case law →